India Inc is on an incredible growth track. India's 1000 companies have recorded an all-time high net sales of Rs 12 trillion (Rs 12,09,370 crore) and Rs 1 trillion-plus (Rs 107,830 crore) net profit during the year, according to the Business Standard rankings.

Reliance Industries, the largest private sector company, rank at No 2 with net sales of Rs 111,264.23 crore (Rs 111,264 billion) in 2007. Reliance remained the biggest corporate in terms of total assets. Oil companies have emerged the toppers in terms of sales turnover.

Check out India's top 10 companies by sales.

1. Indian Oil Corporation

Sales in 2007: Rs 201493.85 crore

Indian Oil Corporation Ltd. is currently India's largest company by sales with a turnover of Rs 201493.85 crore (Rs 2014.93 billion) , the highest-ever for an Indian company. Headed by Sarthak Behuria, IOC is also ranked in Fortune 'Global 500' listing. It is also the 20th largest petroleum company in the world.

Established in 1959 as Indian Oil Company Ltd, Indian Oil Corporation Ltd was formed in 1964 with the merger of Indian Refineries Ltd (estd. 1958). IndianOil and its subsidiaries account for 47 per cent petroleum products market share, 40.4 per cent refining capacity and 67 per cent downstream sector pipelines capacity in India.

For the year 2006-07, IOC sold 57.97 million tonnes of petroleum products, including 1.63 million tonnes of natural gas and exported 3.13 million tonnes.

The Indian Oil Group of companies owns and operates 10 of India's 19 refineries. These include two refineries of subsidiary Chennai Petroleum Corporation Ltd and one of Bongaigaon Refinery and Petrochemicals Limited.